Blockchain Technology:
Blockchain technology mitigates these issues by creating a decentralized and secure system for recording transactions. Once the money is exchanged, Token swap platform development ownership of the property is transferred to the buyer. Individually, both the buyer and the seller can record monetary transactions, but neither party is reliable. The seller can easily claim that he did not receive the money even though he did, and likewise the buyer can claim that he paid the money even though he did not.
That’s why it’s called ‘distributed ledger technology’, because the information is distributed among everyone”. In this network, where the servers are connected to each other through a peer-to-peer (P2P) system, the computers use a consensus protocol — language — to confirm that each piece of data is verified and carry out new operations. Each node can target data without compromising privacy, since the information is encrypted. There are very strict rules, that’s why privacy is guaranteed, because to access you have to have passwords.
The information that is transmitted in these operations is called a token. To steal tokens or tamper with the blockchain, cybercriminals would have to compromise many hundreds or thousands of computers at once, so this decentralization and encryption make transactions resistant to tampering.
Important
It’s like time, you can go forward but not backward, you can’t change. At this point two concepts come into play, one is that of the sovereign digital identity. A person, instead of having 40 passwords — the one for Facebook, the one for the bank, the one for the Treasury, the one for Social Security — , has a single one and manages it from a blockchain. It is called sovereign because the one who manages it is that person. The second concept is that of smart contracts (smart contract in English), more than a contract is a program (software) that triggers an automatic order.
They can be payments, deliveries… The contract circulates through the blockchain and is a way of entering data into it automatically. Taking these two concepts into account, the bureaucracy also disappeared. This is what gives the final blow to the paperwork, to the administrative role.
You don’t even need files. Everything is embedded in your sovereign digital identity. The problem, according to experts, is that you can eliminate jobs by removing intermediaries, managers, administrators. That will disappear as soon as the administrations put it into practice”.
